The Hong Kong Trade Development Council has released a comprehensive research report detailing the remarkable growth of Hong Kong's biomedical sector and its strategic collaboration with Guangdong province cities in the Greater Bay Area. The study demonstrates that Hong Kong's healthcare sector has surged by nearly 30% over the last decade, with the total number of related businesses now exceeding 3,000. According to the report, produced alongside "Seizing GBA Opportunities: Biomedical Co-operation and Development" in collaboration with the Department of Commerce of Guangdong Province, Hong Kong has developed a substantial pharmaceutical and medical device cluster. The number of related companies grew from 2,340 in 2013 to 3,020 in 2023, reflecting sustained growth and successful collaboration with key Guangdong GBA cities and Macao in biomedical innovation.
HKTDC Research Director Irina Fan emphasized the significance of this partnership, stating that technological innovation has been a key driver of Hong Kong's economic growth, allowing effective alignment with national priorities. The Guangdong Government has announced ambitious action plans to grow its biomedical and healthcare industry cluster by approximately 50% by 2027, increasing its value from RMB 664 billion in 2023 to more than a trillion yuan. A crucial element of this plan involves leveraging Hong Kong's existing strengths as a platform for development. Hong Kong's status as a leading international financial center provides comprehensive funding opportunities for global biotech businesses. As of June 2025, the total market capitalization of the Hong Kong-listed healthcare sector reached US$441 billion, accounting for approximately 8.1% of the total market capitalization of Hong Kong-listed companies.
This represents a threefold increase from the US$144 billion recorded at the end of 2017, prior to the implementation of the HKEX Chapter 18A regime. The Chapter 18A listing rules, which allow biotech firms without recorded revenue or profits to list, have enabled 73 biotech companies to list and collectively raise US$16 billion as of mid-2025. Beyond financial resources, Hong Kong offers technical capabilities that significantly benefit GBA businesses looking to expand throughout mainland China and into overseas markets. The city's advanced clinical trial services, which yield internationally accepted data, make Hong Kong an ideal launchpad for regional healthcare ventures seeking global expansion. Clinical data derived through Hong Kong-based trials has gained approval from world-leading regulatory bodies, including the US Food and Drug Administration, the European Medicines Agency, and China's National Medical Products Administration.
Several of Hong Kong's premier healthcare institutions, including Queen Mary Hospital, Prince of Wales Hospital, Hong Kong Eye Hospital, and Hong Kong Sanatorium & Hospital, have secured NMPA accreditation. International recognition of the region's innovation capabilities was confirmed when the World Intellectual Property Organization designated the Shenzhen-Hong Kong-Guangzhou cluster as the world's leading innovation hub in its 2025 Global Innovation Index. This recognition partly acknowledges biotechnology's leading role within this cutting-edge cluster. Between 2018 and 2024, Hong Kong-based biotech and healthtech start-ups more than quadrupled from 110 to 510, while their share of the city's total start-up ecosystem rose from 4% to 11%. HKTDC Research Senior Economist Cherry Yeung highlighted how future intra-regional cooperation could benefit all parties, noting that Hong Kong is already seamlessly connected with many pharmaceutical manufacturers and markets in mainland China through its strengths in research and development and international trade.
GBA cities provide substantial production and resource support, creating synergy across the board. With Guangdong committed to further expanding its biomedical sector, this collaboration will foster a new generation of cross-industry innovation and global leadership in biotechnology. The partnership represents a strategic alignment of Hong Kong's financial and regulatory strengths with Guangdong's manufacturing capabilities and market access, creating a comprehensive ecosystem for biomedical advancement. This integrated approach positions the Greater Bay Area as a formidable competitor in the global biotechnology landscape, with implications for healthcare innovation, economic development, and international scientific collaboration. The growth trajectory suggests the region will continue to attract investment, talent, and research partnerships, potentially reshaping global biomedical supply chains and innovation patterns.
